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AIA to transfer Brunei life insurance business to AIA Singapore
INSURER AIA on Tuesday said it plans to transfer its life insurance business in Brunei to AIA Singapore Private Limited.
The Brunei business is currently set up as a branch of AIA Company Limited, which is incorporated in Hong Kong and regulated by the Hong Kong Insurance Authority.
By way of a court application for the confirmation of a scheme of arrangement, AIA is proposing to transfer its Brunei business from AIA Company Limited to AIA Singapore, acting through its new branch in Brunei.
The proposed transfer is expected to take effect on Jan 1, 2020, or a date AIA may later share, it said in a media release.
Existing terms and conditions of policies issued by AIA Brunei will remain unchanged, said AIA Brunei general manager Kenneth Ling. Policies will also be automatically transferred to the new branch and existing customers have been notified of the transfer.
AIA Singapore chief executive Patrick Teow said AIA Brunei will be aligned with AIA Singapore’s legal and operational structure, enhancing operational efficiencies in the process.
"This alignment will allow a streamlined approach in the region, so we can focus on better serving our customers’ needs. We remain committed to providing the same quality of services our customers in Brunei have enjoyed,” Mr Teow said.
AIA Brunei will continue to be regulated under the Autoriti Monetari Brunei Darussalam as a licensed life insurer. It has been in the Brunei market for 60 years, the group added.